Been buying gold for over 20 years. Recently started selling. Do I need to report income on sales?
Posted November 1st, 2009 by admin 6 Comments »
Joe H asked:
Been buying gold / silver for 21 years as an investment. I have spent maybe $100,000 during the last 21 years. Gold prices have been creeping up… Recently I’ve been melting it down and selling it… Last year I sold about $30,000. Do I have to report it as income or do I report it as income after I make 100,000?
Been buying gold / silver for 21 years as an investment. I have spent maybe $100,000 during the last 21 years. Gold prices have been creeping up… Recently I’ve been melting it down and selling it… Last year I sold about $30,000. Do I have to report it as income or do I report it as income after I make 100,000?
